The Government yesterday reduced fuel prices once again under the fuel pricing mechanism.Petrol and Diesel prices were reduced by Rs 2 per litre. The price of Super Diesel was reduced by Rs.3 per litre, the Finance and Mass Media Ministry said yesterday.
According to the new prices, which came in to effect from midnight yesterday, Octane 92 Petrol has been reduced from Rs.125 to Rs.123, Octane 95 Petrol from Rs.149 to Rs.147, Auto Diesel from Rs.101 to Rs.99 and Super Diesel from Rs.121 to Rs.118. Lanka IOC also reduced the price of Auto Diesel by Rs.2 per litre and Lanka Petrol 92 (LP92) and Xtra Premium 95 Petrol (Euro 4) by Rs. 2 per litre and Super Diesel (Euro 4) by Rs.3 per litre.
Fuel prices are reviewed every tenth day of the month under the fuel pricing mechanism by the Government. Though the prices were reduced yesterday, the international oil prices have increased continuously from the second week of January onwards. When oil prices were upwardly revised last October 10, the price of a barrel of crude oil was US Dollar 85. It came down to USD 58 on October 26, and when the fuel prices were last reduced on December 23, the crude oil price was USD 52.However, since second week of January 2019, the crude oil price and the prices of refined products are reported to be on the increase